Scalapay, a third-party payment solution that enables customers to buy now and pay later (BNPL) without interest, today announced that it has raised a $48M US ($40M Euros) seed round led by Fasanara Capital that also included Baleen Capital, and Italian Family Office Ithaca Investments.
Scalapay breaks up payments into three easy installments with zero interest, helping merchants grow sales, acquire new customers, and provide a better experience to existing customers.
“Scalapay recently signed a partnership with Raisin Bank, the leading pan-European Banking-as-a-Service provider. Raisin Bank offers customized and innovative products to a large variety of customers, including Fintech companies, Family Offices and Investment Companies. Thanks to its passporting Raisin Bank will support Scalapay’s rollout throughout the EU.”
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The company assumes all risk of fraud by paying the seller immediately and in full upfront. Using Scalapay, merchants experience higher sales volume from existing customers while attracting new ones. The average value of orders when customers pay with Scalapay is 49% greater and the average increase in the number of paying customers is 26% greater.
“Our mission is to empower merchants to deliver magical customer experiences,” said Simone Mancini, co-founder and Chief Executive Officer. “When comparing solutions used by merchants to improve customer experience and their bottom line, interest-free installments stand apart for the high return on investment. We immediately have a big impact on revenues and the integration effort is minimal,” said Mancini. “This new funding allows us to support our pipeline of merchants across Europe and further our mission by giving merchants exciting tools to make their ecommerce experience magical.”
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